Brazilian Supreme Court Flip-Flops on Social Media App X Ban

In a move that's left us all scratching our heads, the Brazilian Supreme Court has decided to reverse its recent decision to ban the soon-to-be Texas-based social media app X.

Just last month, Judge Alexandre de Moraes declared X persona non grata, aiming to tackle misinformation. He wanted Elon Musk to hit the block button on certain accounts he deemed dangerous, claiming they were part of "digital militias" spreading fake news and throwing threats at public officials.

But in a plot twist faster than Musk's Hyperloop, Moraes has backpedaled. According to CBS, X has played nice and met all of Moraes's demands, even settling around $5.2 million in fines.

Musk Migrates X to Bastrop

Elon Musk, in his ongoing love affair with Texas, announced back in July that he'd be moving his companies to the Lone Star State. In a surprising twist, he revealed last week that X's new HQ would be in Bastrop, not Austin.

SpaceX already has a cozy setup in Bastrop, where Musk is building his futuristic Hyperloop Plaza. Looks like he's committed to creating more of these work-live havens across Texas.

X's Financial Woes

Since Musk took the reins, X has been on a rollercoaster ride. He snagged the company for $44 billion, but its value has plummeted to $19 billion. The Wall Street Journal has dubbed this the worst merger-finance deal for banks since the 2008-09 crisis.

The app has been through rebranding, AI integration, CEO changes, advertisers jumping ship, and Musk suing those who ditched him. The Brazil ban was just the latest drama before this week's resolution.

Beck Andrew Salgado covers trending topics in the Austin business ecosystem for the American-Statesman. To share additional tips or insights with Salgado, email Bsalgado@gannett.com.